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1. | To elect as directors the six Directors named in the attached proxy statement; |
2. | To hold an advisory vote |
3. | To ratify the appointment of KPMG LLP as our independent registered public accounting firm; |
4. | To vote upon the stockholder proposals described in the accompanying proxy statement if properly presented at the meeting; and |
5. | To transact such other and further business, if any, as lawfully may be brought before the meeting. |
Page | ||||||
Cover | ||||||
Election of Directors | ||||||
Corporate Governance | ||||||
Director Independence | ||||||
Director Compensation | ||||||
Advisory Vote on Executive Compensation | ||||||
III. | Executive Compensation | |||||
Pension Benefits | ||||||
Ratification of Independent Registered Public Accounting Firm | ||||||
Stockholder Proposal on Sustainability | ||||||
Stockholder Proposal on | ||||||
VII. | Stockholder Proposal on Lobbying Reporting | |||||
VIII. | Voting | |||||
IX. | Stockholders' Proposals | |||||
X. | Miscellaneous | |||||
Householding of Proxies | ||||||
Additional Filings | ||||||
Appendix A | ||||||
Emerson Director Independence Standards | A-1 | |||||
Name, Age, Principal Occupation | ||||||
or Position, Other Directorships | Served as Director Since | |||||
NOMINEES FOR TERMS ENDING IN | ||||||
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2017 | |||||
D. N. Farr, | 58 | 2000 | |||
Chairman of the Board and Chief Executive Officer of Emerson | |||||
He | |||||
Mr. Farr’s qualifications to serve on the Board also include his leadership, international and planning experience as former Chief Operating Officer of Emerson; former Executive Vice President and Business Leader, Emerson Process Management; former CEO of Astec International, a Hong Kong based Emerson subsidiary; former President, Ridge Tool Company subsidiary of Emerson; and former Vice President, Emerson Corporate Planning and Development. | |||||
H. Green, | 52 | 2008 | |||
She is also a Non-Executive Director of BAE Systems | plc. | ||||
Ms. Green’s qualifications to serve on the Board also include her strategic business turnaround leadership experience, which includes harnessing the power of technology and the web to drive the profitable transformation of Premier Farnell plc, a leading high service technology distributor where she |
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C. A. Peters, | 58 | 2000 | |||
Senior Executive Vice President of Emerson | |||||
Mr. Peters’ qualifications to serve on the Board also include his leadership, technology and planning experience as former Senior Vice President-Growth Programs of Emerson; former Vice President-Development and Technology of Emerson; former Vice President-Strategic Planning of Emerson; former President, Harris Calorific business unit of Emerson; and former Director of Strategic Planning of Emerson’s Skil Corporation subsidiary. | |||||
Name, Age, Principal Occupation or Position, Other Directorships | Served as Director Since | ||||
J. W. Prueher, | 71 | 2001 | |||
Admiral, U.S. Navy (Retired), and Former U.S. Ambassador to | |||||
He is also a Director of The New York Life Insurance Company, | and Amerigroup Corporation. | ||||
Admiral Prueher’s qualifications to serve on the Board also include extensive experience with strategic planning and leading large, complex organizations, his knowledge of and experience with the People’s Republic of China, and his leadership, government and international experience as formerCommander-in-Chief of the U.S. Pacific Command; former Commandant of the U.S. Naval Academy; and former | University of Virginia, Miller Center. | ||||
NOMINEES FOR TERMS ENDING IN 2015(1) | |||||
A. A. Busch III, 76 | 1985 | ||||
Retired Chairman of the Board of Anheuser-Busch Companies, Inc., brewery, container manufacturer and theme park operator | |||||
He is also a former Director of AT&T Inc. | |||||
Mr. Busch’s qualifications to serve on the Board also include his leadership and international experience as former Chief Executive Officer and President of Anheuser-Busch Companies and broad experience as a director of large public companies. | |||||
J. S. Turley, 58 | 2013 | ||||
Retired Chairman of the Board and Chief Executive Officer, Ernst & Young, professional services organization | |||||
He also is a Director of Citigroup, Inc. | |||||
Mr. Turley's qualifications to serve on the Board include his leadership and expertise in audit and financial reporting as Chairman and Chief Executive Officer of Ernst & Young. He also serves on the Board of Directors and as an officer of the Boy Scouts of America, on the Board of Trustees for Rice University, and on the Board of Citigroup, Inc. | |||||
TO CONTINUE IN OFFICE UNTIL | |||||
2016 | |||||
C. A. H. Boersig, | 65 | 2009 | |||
Retired Chairman of the Supervisory Board of Deutsche Bank AG, a global investment bank | |||||
He is also a Member of the Supervisory Board of Daimler AG, Linde AG, and Bayer | |||||
Name, Age, Principal Occupation or Position, Other Directorships | Served as Director Since | |||
J. B. Bolten, 59 | 2012 | |||
Co-Founder and Managing Director of Rock Creek Global Advisors, LLC, an international advisory firm | ||||
He is also a Member of the International Advisory Board of BP plc. | ||||
Mr. | Senate Finance Committee, and experience on the Boards of the U.S. Holocaust Memorial Museum, the ONE Campaign and the Clinton Bush Haiti Fund. | |||
M. S. Levatich, 48 | 2012 | |||
President and Chief Operating Officer of Harley-Davidson Motor Company, Inc., a manufacturer of motorcycles and related products | ||||
Mr. Levatich’s qualifications to serve on the Board also include his extensive manufacturing, global marketing and management experience as a Harley-Davidson executive, including his service as former President and Managing Director of MV Agusta Motor S.p.A., a subsidiary of Harley-Davidson, Inc.; and as former Vice President and General Manager, Parts & Accessories and Custom Vehicle Operations of Harley-Davidson, Inc. | ||||
R. L. Stephenson, | 53 | 2006 | ||
Chairman, Chief Executive Officer and President of AT&T Inc., telecommunications provider | ||||
Mr. Stephenson’s qualifications to serve on the Board also include his leadership, technology, operating and financial experience as former Chief Operating Officer and Chief Financial Officer of AT&T Inc.; and as former Chief Operating Officer of SBC Communications Inc. |
TO CONTINUE IN OFFICE UNTIL 2015 | ||
A. F. Golden, 67 | 2000 | |
Partner of Davis Polk & Wardwell, lawyers | ||
Mr. Golden’s qualifications to serve on the Board include his leadership, international and industry experience heading Davis Polk teams in private and governmental litigation; representing large multinational companies in corporate governance matters and acquisition-related transactions; counseling multinational companies on antitrust matters; and as a former member of his firm’s Management Committee. He also serves on the Board of Trustees of Rensselaer Polytechnic Institute. | ||
W. R. Johnson, 64 | 2008 | |
Retired Chairman, President and Chief Executive Officer of H. J. Heinz Company, a global packaged food manufacturer | ||
He is also a Director of United Parcel Service, Inc. | ||
Mr. Johnson’s qualifications to serve on the Board also include his leadership, international, operating and marketing experience as retired Chairman, President and Chief Executive Officer of H. J. Heinz, former Senior Vice President of H. J. Heinz responsible for Heinz operations in the Asia-Pacific area; former Chief Operating Officer of H. J. Heinz; and former Vice President of Marketing for Heinz ketchup, foodservice and sauces. | ||
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(1) | Pursuant to the Company’s Bylaws, a person may not stand for election or re-election as a Director after attaining the age of 72, provided that the Bylaws permit Mr. Busch |
Total Shares of | ||||||
Emerson Common | ||||||
Stock Beneficially | ||||||
Name | Owned (1)(2) | |||||
C. W. Ashmore(3) | 282,343 | |||||
C. A. H. Boersig | 7,968 | |||||
A. A. Busch III(4) | 233,878 | |||||
F. J. Dellaquila(5) | 248,492 | |||||
D. N. Farr(6) | 2,374,759 | |||||
C. Fernandez G. | 65,018 | |||||
W. J. Galvin(7) | 1,105,040 | |||||
A. F. Golden | 37,615 | |||||
H. Green | 9,015 | |||||
W. R. Johnson | 11,438 | |||||
J. B. Menzer | 23,750 | |||||
E. L. Monser | 572,125 | |||||
C. A. Peters(8) | 855,731 | |||||
J. W. Prueher | 24,464 | |||||
R. L. Ridgway | 33,238 | |||||
F. L. Steeves(9) | 239,573 | |||||
R. L. Stephenson | 14,863 | |||||
All Directors and Executive Officers as a group (18 persons) | 6,225,354 | (10)(11) |
6
Total Shares of Emerson Common Stock Beneficially Owned(1)(2) | ||||
C. W. Ashmore(3) | 369,624 | |||
C. A. H. Boersig | 12,576 | |||
J. B. Bolten | 4,608 | |||
A. A. Busch III(4) | 248,586 | |||
F. J. Dellaquila(5) | 324,424 | |||
D. N. Farr(6) | 2,395,917 | |||
A. F. Golden | 44,070 | |||
H. Green | 13,623 | |||
W. R. Johnson | 16,149 | |||
M. S. Levatich | 3,439 | |||
E. L. Monser | 609,752 | |||
C. A. Peters(7) | 969,874 | |||
J. W. Prueher | 29,207 | |||
F. L. Steeves | 285,807 | |||
R. L. Stephenson | 20,580 | |||
J. S. Turley | 1,272 | |||
All Directors and Executive Officers as a group (17 persons) (8)(9) | 5,439,526 |
(1) | Under rules of the Securities and Exchange Commission (“SEC”), persons who have power to vote or dispose of securities, either alone or jointly with others, are deemed to be the beneficial owners of such securities. Each person reflected in the table has both sole voting power and sole investment power with respect to the shares included in the table, except as described in the footnotes below and except for the following shares of restricted stock over which the person named has no investment power: Mr. |
(2) | As required by SEC rules, includes the following shares which such persons have, or will have within 60 days after September 30, |
(3) | Includes |
(4) | Includes 1,200 shares held by Mr. Busch as co-trustee of two trusts, as to which Mr. Busch shares voting and investment power and disclaims beneficial ownership. |
(5) | Includes |
(6) | Includes |
(7) | ||
Includes 446,150 shares pledged as security to a commercial bank. For a further discussion of Mr. Peters’ pledged shares and Company policies with respect to pledging, see “Alignment with Stockholder Interests” on page 27. |
Includes | ||
Includes |
Name and Address | Total Shares of Emerson Common Stock Beneficially Owned | Percent of Class | ||
The Vanguard Group (1) | 37,740,401 | 5.34% | ||
100 Vanguard Blvd., Malvern, PA 19355 | ||||
BlackRock, Inc. (2) | 37,123,952 | 5.25% | ||
40 East 52nd Street, New York, NY 10022 |
(1) | The Vanguard Group filed a Schedule 13G on February 12, 2013 with the SEC indicating that it has beneficial ownership of 37,740,401 shares, including sole voting power over 1,271,086 shares, sole dispositive power over 36,487,719 shares and shared dispositive power over 1,252,682 shares of the Company’s outstanding stock. |
(2) | BlackRock, Inc. filed a Schedule 13G on January 30, 2013 with the SEC indicating that it has beneficial ownership of 37,123,952 shares. |
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Change in Pension | |||||||||||||||||||||||||||||||||||
Value and | |||||||||||||||||||||||||||||||||||
Fees | Nonqualified | ||||||||||||||||||||||||||||||||||
Earned | Stock | Deferred | All Other | ||||||||||||||||||||||||||||||||
or Paid in | Awards | Compensation | Compensation | ||||||||||||||||||||||||||||||||
Name(1) | Cash ($) | ($)(2)(3) | Earnings ($)(4) | ($) | Total ($) | ||||||||||||||||||||||||||||||
Name(1)(8) | Fees Earned or Paid in Cash ($) | Stock Awards ($)(2)(3)(6) | Change in Pension Value and Nonqualified Deferred Compensation Earnings ($)(4) | All Other Compensation ($)(5) | Total ($) | ||||||||||||||||||||||||||||||
C. A. H. Boersig | 103,500 | 114,964 | — | — | 218,464 | 128,000 | 124,980 | — | 5,000 | 257,980 | |||||||||||||||||||||||||
J. B. Bolten | 121,500 | 124,980 | — | 8,000 | 254,480 | ||||||||||||||||||||||||||||||
A. A. Busch III | 109,000 | 114,964 | — | 10,000 | (5) | 233,964 | 128,500 | 124,980 | 4,878 | 10,000 | 268,358 | ||||||||||||||||||||||||
C. Fernandez G. | 89,500 | 114,964 | 17,000 | — | 221,464 | ||||||||||||||||||||||||||||||
C. Fernandez G.(6) | 47,500 | 124,980 | — | — | 172,480 | ||||||||||||||||||||||||||||||
A. F. Golden | 109,000 | 114,964 | 17,000 | 10,000 | (5) | 250,964 | 104,000 | 124,980 | 1,628 | 10,000 | 240,608 | ||||||||||||||||||||||||
H. Green | 97,000 | 114,964 | — | — | 211,964 | 108,500 | 124,980 | — | — | 233,480 | |||||||||||||||||||||||||
R. B. Horton | 41,833 | — | 18,000 | 210,000 | (5)(6) | 269,833 | |||||||||||||||||||||||||||||
W. R. Johnson | 91,000 | 114,964 | — | — | 205,964 | 96,500 | 124,980 | — | — | 221,480 | |||||||||||||||||||||||||
V. R. Loucks, Jr. | 65,333 | — | — | 210,000 | (5)(6) | 275,333 | |||||||||||||||||||||||||||||
J. B. Menzer | 95,500 | 114,964 | — | — | 210,464 | ||||||||||||||||||||||||||||||
M. S. Levatich | 108,500 | 124,980 | — | 10,000 | 243,480 | ||||||||||||||||||||||||||||||
J. W. Prueher | 97,000 | 114,964 | 39,000 | 9,000 | (5) | 259,964 | 110,000 | 124,980 | — | — | 234,980 | ||||||||||||||||||||||||
R. L. Ridgway | 97,000 | 114,964 | — | 10,000 | (5) | 221,964 | |||||||||||||||||||||||||||||
R. L. Ridgway(7) | 48,167 | — | — | 210,000 | 258,167 | ||||||||||||||||||||||||||||||
R. L. Stephenson | 102,000 | 114,964 | — | 10,000 | (5) | 226,964 | 126,500 | 124,980 | 804 | 10,000 | 262,284 | ||||||||||||||||||||||||
J. S. Turley | 26,000 | 72,930 | — | 5,000 | 103,930 |
(1) | Messrs. |
(2) | In fiscal |
(3) | The total number of shares of restricted stock held by each of the non-management Directors at September 30, |
(4) |
(5) |
(6) |
(7) |
(8) | W. J. Galvin, our former Vice Chairman and Chief Financial Officer, retired as an executive officer and as a Director on February 5, 2013. As described in prior proxy statements, prior to his retirement, Mr. Galvin was compensated as an executive officer and did not receive any additional compensation for his service on the Board of Directors. The Company's Current Report on Form 8-K filed on February 8, 2013 describes his retirement compensation arrangements. In recognition of his retirement, the Board of Directors, in its discretion, determined to make a charitable contribution in the amount of $500,000, in the names of the Company and Mr. Galvin, payable in five annual installments beginning in 2013. |
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Audit Committee A. A. Busch III, Chair J. B. Bolten H. Green M. S. Levatich J. S. Turley |
2010 | 2011 | |||||||
Audit Fees | $ | 27.0 | $ | 27.6 | ||||
Audit-Related Fees | 2.7 | 1.3 | ||||||
Tax Fees | 3.0 | 1.5 | ||||||
All Other Fees | 0 | 0 | ||||||
Total KPMG LLP Fees | $ | 32.7 | $ | 30.4 | ||||
2012 | 2013 | |||||||
Audit Fees | $ | 29.0 | $ | 29.6 | ||||
Audit-Related Fees | 1.9 | 4.2 | ||||||
Tax Fees | 0.6 | 1.9 | ||||||
All Other Fees | — | — | ||||||
Total KPMG LLP Fees | $ | 31.5 | $ | 35.7 |
• | ||
The Company increased its annual dividend to stockholders to |
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Caterpillar | DuPont | Goodyear Tire | Lockheed Martin | Schlumberger | ||||||||||||
Cisco Systems | Eaton | Honeywell | Northrop Grumman | TE Connectivity | ||||||||||||
Cummins | Fluor | Illinois Tool Works | Parker Hannifin | Union Pacific | ||||||||||||
Danaher | General Dynamics | International Paper | United Technologies | |||||||||||||
Deere | General Electric | Johnson Controls | Raytheon | 3M |
FY 2010 | |||||||||||||||||||||||||
April 1, 2010- | 2010-2011 | 2011-2012 | |||||||||||||||||||||||
Sept. 30, 2010 | FY2011 | Percentage | FY2012 | Percentage | |||||||||||||||||||||
Name | (Rate) (1) | (Rate) | Increase | (Rate) | Increase | ||||||||||||||||||||
D. N. Farr | $1,225,000 | $1,225,000 | 0% | $1,250,000 | 2.0% | ||||||||||||||||||||
W. J. Galvin | $735,000 | $755,000 | 2.7% | $775,000 | 2.6% | ||||||||||||||||||||
E. L. Monser | $625,000 | $642,000 | 2.7% | $657,000 | 2.3% | ||||||||||||||||||||
F. J. Dellaquila(2) | $450,000 | $500,000 | 11.1% | $550,000 | 10.0% | ||||||||||||||||||||
C. A. Peters | $565,000 | $580,000 | 2.7% | $595,000 | 2.6% | ||||||||||||||||||||
F. L. Steeves | $580,000 | $595,000 | 2.6% | $615,000 | 3.4% | ||||||||||||||||||||
Name | FY 2012 (Rate) | FY2013 (Rate) | 2012-2013 Percentage Increase | FY2014 (Rate) | 2013-2014 Percentage Increase | ||||||||
D. N. Farr | $ | 1,250,000 | $ | 1,300,000 | 4.0 | % | $ | 1,300,000 | — | % | |||
E. L. Monser | $ | 657,000 | $ | 675,000 | 2.7 | % | $ | 700,000 | 3.7 | % | |||
F. J. Dellaquila | $ | 550,000 | $ | 575,000 | 4.5 | % | $ | 600,000 | 4.3 | % | |||
C. A. Peters | $ | 595,000 | $ | 610,000 | 2.5 | % | $ | 635,000 | 4.1 | % | |||
C. W. Ashmore | $ | 550,000 | $ | 575,000 | 4.5 | % | $ | 575,000 | — | % | |||
F. L. Steeves | $ | 615,000 | $ | 635,000 | 3.3 | % | $ | 655,000 | 3.1 | % |
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2008-2009 | 2009-2010 | 2010-2011 | ||||||||||||||||||||||||||||||||||||||
Percentage | Percentage | Percentage | ||||||||||||||||||||||||||||||||||||||
Name | FY 2009 | Change | FY2010 | Change | FY2011 | Change | FY2012 | 2011-2012 Percentage Change | FY2013 | 2012-2013 Percentage Change | ||||||||||||||||||||||||||||||
D. N. Farr | $1,500,000 | (50.0)% | $2,200,000 | 46.7% | $2,400,000 | 9.1% | $ | 1,900,000 | (20.8 | )% | $ | 2,000,000 | 5.3 | % | ||||||||||||||||||||||||||
W. J. Galvin | $800,000 | (31.9)% | $1,025,000 | 28.1% | $1,175,000 | 14.6% | ||||||||||||||||||||||||||||||||||
E. L. Monser | $600,000 | (29.4)% | $780,000 | 30.0% | $900,000 | 15.4% | $ | 850,000 | (5.6 | )% | $ | 900,000 | 5.9 | % | ||||||||||||||||||||||||||
F. J. Dellaquila(1) | $440,000 | — | $590,000 | 34.1% | $800,000 | 35.6% | ||||||||||||||||||||||||||||||||||
F. J. Dellaquila | $ | 800,000 | — | % | $ | 850,000 | 6.3 | % | ||||||||||||||||||||||||||||||||
C. A. Peters | $585,000 | (29.9)% | $750,000 | 28.2% | $850,000 | 13.3% | $ | 800,000 | (5.9 | )% | $ | 840,000 | 5.0 | % | ||||||||||||||||||||||||||
C. W. Ashmore | $ | 700,000 | (3.4 | )% | $ | 700,000 | — | % | ||||||||||||||||||||||||||||||||
F. L. Steeves | $500,000 | (16.7)% | $640,000 | 28.0% | $725,000 | 13.3% | $ | 700,000 | (3.4 | )% | $ | 730,000 | 4.3 | % | ||||||||||||||||||||||||||
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Name | Target Awards | Earned Awards | 60% Payout Earned Awards (units) | 40% One-Year Holdback Earned Awards (units) |
D. N. Farr | 450,000 | 418,500 | 251,100 | 167,400 |
E. L. Monser | 175,000 | 162,750 | 97,650 | 65,100 |
F. J. Dellaquila | 100,000 | 93,000 | 55,800 | 37,200 |
C. A. Peters | 135,000 | 125,550 | 75,330 | 50,220 |
C. W. Ashmore | 100,000 | 93,000 | 55,800 | 37,200 |
F. L. Steeves | 110,000 | 102,300 | 61,380 | 40,920 |
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Fiscal 2011 Total Compensation Mix* | ||||||||||||||||||
Percentage of | ||||||||||||||||||
Percentage of Total | Performance Based | Percent of Total | ||||||||||||||||
Compensation that is: | Total that is: | Compensation that is: | ||||||||||||||||
Performance | Long- | |||||||||||||||||
Name | Based | Fixed | Annual | Term | Cash | Equity | ||||||||||||
D. N. Farr | 69% | 31% | 28% | 72% | 29% | 71% | ||||||||||||
W. J. Galvin | 36% | 64% | 59% | 41% | 35% | 65% | ||||||||||||
E. L. Monser | 80% | 20% | 24% | 76% | 33% | 67% | ||||||||||||
F. J. Dellaquila | 80% | 20% | 33% | 67% | 43% | 57% | ||||||||||||
C. A. Peters | 80% | 20% | 27% | 73% | 36% | 64% | ||||||||||||
C. W. Ashmore | 75% | 25% | 29% | 71% | 37% | 63% | ||||||||||||
F. L. Steeves | 79% | 21% | 27% | 73% | 39% | 61% | ||||||||||||
Fiscal 2013 Total Compensation Mix* | ||||||
Percentage of Total Compensation that is: | Percentage of Performance Based Total that is: | Percent of Total Compensation that is: | ||||
Name | Performance Based | Fixed | Annual | Long- Term | Cash | Equity |
D. N. Farr | 73% | 27% | 20% | 80% | 24% | 76% |
E. L. Monser | 81% | 19% | 23% | 77% | 32% | 68% |
F. J. Dellaquila | 79% | 21% | 27% | 73% | 36% | 64% |
C. A. Peters | 77% | 23% | 26% | 74% | 34% | 66% |
C. W. Ashmore | 76% | 24% | 23% | 77% | 32% | 68% |
F. L. Steeves | 78% | 22% | 25% | 75% | 37% | 63% |
* | The percentage ranges in the table above are based on amounts for annualized base salary, annual bonus and long-term compensation (performance shares, stock options and restricted stock). Other forms of compensation that are shown in the Summary Compensation Table were not included. Annualized values for long-term stock compensation as determined by our compensation consultant are based on the fair value at grant of awards annualized over the triennial award cycle for performance shares and stock options and over the vesting terms for restricted stock. The competitive data we use is calculated in the same manner. For purposes of this table, (i) annual bonus, performance shares and stock options are performance based compensation, (ii) performance shares and stock options are long-term, performance based compensation, (iii) base salary and annual bonus are the only forms of cash compensation, and (iv) performance shares, stock options and restricted stock are equity compensation. |
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Departing executives sign extended non-competition, non-solicitation and confidentiality agreements, or reaffirm existing agreements on these matters. As permitted under stockholder-approved plans, departing plan participants, including named executive officers, may have additional time to exercise stock options. However, the additional time cannot exceed the time permitted in the original grants. The Committee may also allow continuation (without accelerated vesting) of previously granted long-term performance shares or restricted stock awards, which would be paid if and when the Company achieves specified performance targets or time vesting requirements are met. Executives forfeit these awards if they breach their non-competition, non-solicitation or confidentiality agreements. |
28
A qualified 401(k) savings plan and a non-qualified savings plan which allows participating executives to defer up to 20 percent of their cash compensation and continue to receive the Company match after they reach the Internal Revenue Service (“IRS”) qualified plan limits. | ||
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Compensation Committee R. L. Stephenson, Chair C. A. H. Boersig W. R. Johnson M. S. Levatich J. W. Prueher |
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Change in | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
and | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonqualified | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Option | Compensation | All Other | Three-Year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fiscal | Stock Awards | Awards | Earnings | Compensation | Average | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name and Principal Position | Year | Salary ($) | Bonus ($)(1) | ($)(2) | ($)(3) | ($)(4) | ($)(5) | Total ($) | ($)(6) | Fiscal Year | Salary ($) | Bonus ($)(1) | Stock Awards ($)(2) | Option Awards ($)(3) | Change in Pension Value and Nonqualified Deferred Compensation Earnings ($)(4) | All Other Compensation ($)(5) | Total ($) | Three Year Average ($)(6) | ||||||||||||||||||||||||||||||||||||||||||||
D. N. Farr | 2011 | 1,225,000 | 2,400,000 | 4,264,800 | 2,697,500 | 1,730,000 | 469,300 | 12,786,600 | 2013 | 1,300,000 | 2,000,000 | 21,556,450 | — | — | 462,502 | 25,318,952 | 16,155,225 | |||||||||||||||||||||||||||||||||||||||||||||
Chairman of the Board and | 2010 | 1,187,500 | 2,200,000 | 19,081,600 | — | 1,862,000 | 474,865 | 24,805,965 | 2012 | 1,250,000 | 1,900,000 | 3,314,000 | — | 3,398,000 | 498,122 | 10,360,122 | 15,984,229 | |||||||||||||||||||||||||||||||||||||||||||||
Chief Executive Officer (7) | 2009 | 1,168,750 | 1,500,000 | 3,735,000 | — | 3,598,000 | 496,237 | 10,497,987 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
16,030,184 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
W. J. Galvin | 2011 | 755,000 | 1,175,000 | — | 1,348,750 | 1,490,000 | 123,931 | 4,892,681 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vice Chairman and former | 2010 | 722,500 | 1,025,000 | 5,781,000 | — | 1,435,000 | 125,056 | 9,088,556 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Chief Financial Officer(7)(8) | 2009 | 716,250 | 800,000 | 373,500 | 399,000 | 2,131,000 | 145,627 | 4,565,377 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
6,182,205 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Chief Executive Officer(7) | 2011 | 1,225,000 | 2,400,000 | 4,264,800 | 2,697,500 | 1,730,000 | 469,300 | 12,786,600 | 16,030,184 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
E. L. Monser | 2011 | 642,000 | 900,000 | — | 1,402,700 | 443,000 | 194,371 | 3,582,071 | 2013 | 675,000 | 900,000 | 7,714,940 | — | 214,000 | 215,880 | 9,719,820 | 5,345,325 | |||||||||||||||||||||||||||||||||||||||||||||
President and Chief | 2010 | 612,500 | 780,000 | 6,221,600 | — | 390,000 | 122,833 | 8,126,933 | 2012 | 657,000 | 850,000 | 207,125 | — | 700,000 | 319,960 | 2,734,085 | 4,814,363 | |||||||||||||||||||||||||||||||||||||||||||||
Operating Officer(9) | 2009 | 606,250 | 600,000 | 373,500 | 319,200 | 428,000 | 139,440 | 2,466,390 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
4,725,131 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Officer | 2011 | 642,000 | 900,000 | — | 1,402,700 | 443,000 | 194,371 | 3,582,071 | 4,725,131 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
F. J. Dellaquila | 2011 | 500,000 | 800,000 | — | 1,025,050 | 72,000 | 93,687 | 2,490,737 | 2013 | 575,000 | 850,000 | 5,899,660 | — | — | 97,238 | 7,421,898 | 4,045,161 | |||||||||||||||||||||||||||||||||||||||||||||
Senior Vice President and | 2010 | 428,333 | 590,000 | 4,402,960 | — | 82,000 | 78,972 | 5,582,265 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Executive Vice President and | 2012 | 550,000 | 800,000 | 621,375 | — | 143,000 | 108,473 | 2,222,848 | 3,431,950 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Chief Financial Officer(8) | N/A | 2011 | 500,000 | 800,000 | — | 1,025,050 | 72,000 | 93,687 | 2,490,737 | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||||||
C. A. Peters | 2011 | 580,000 | 850,000 | — | 1,294,800 | 721,000 | 129,262 | 3,575,062 | 2013 | 610,000 | 840,000 | 6,622,285 | — | — | 140,670 | 8,212,955 | 4,954,564 | |||||||||||||||||||||||||||||||||||||||||||||
Senior Executive Vice | 2010 | 552,500 | 750,000 | 4,799,520 | — | 736,000 | 96,366 | 6,934,386 | 2012 | 595,000 | 800,000 | 207,125 | — | 1,328,000 | 145,550 | 3,075,675 | 4,528,374 | |||||||||||||||||||||||||||||||||||||||||||||
President(7) | 2009 | 546,250 | 585,000 | 747,000 | 319,200 | 977,000 | 114,830 | 3,289,280 | 2011 | 580,000 | 850,000 | — | 1,294,800 | 721,000 | 129,262 | 3,575,062 | 4,599,576 | |||||||||||||||||||||||||||||||||||||||||||||
4,599,576 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
C. W. Ashmore | 2011 | 525,000 | 725,000 | 799,650 | 1,079,000 | 56,000 | 99,443 | 3,284,093 | 2013 | 575,000 | 700,000 | 6,381,410 | — | — | 107,630 | 7,764,040 | 4,251,408 | |||||||||||||||||||||||||||||||||||||||||||||
Executive Vice President - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Planning and | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Development(10) | N/A | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Former Executive Vice | 2012 | 550,000 | 700,000 | 207,125 | — | 126,000 | 122,965 | 1,706,090 | N/A | |||||||||||||||||||||||||||||||||||||||||||||||||||||
President - Planning and | 2011 | 525,000 | 725,000 | 799,650 | 1,079,000 | 56,000 | 99,443 | 3,284,093 | N/A | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Development (9) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
F. L. Steeves | 2011 | 595,000 | 725,000 | 533,100 | 1,186,900 | 36,000 | 71,462 | 3,147,462 | 2013 | 635,000 | 730,000 | 5,218,930 | — | 24,000 | 70,365 | 6,678,295 | 3,830,441 | |||||||||||||||||||||||||||||||||||||||||||||
Executive Vice President, | 2010 | 570,000 | 640,000 | 3,910,720 | — | 35,000 | 69,189 | 5,224,909 | 2012 | 615,000 | 700,000 | 207,125 | — | 63,000 | 80,442 | 1,665,567 | 3,345,979 | |||||||||||||||||||||||||||||||||||||||||||||
Secretary and General | 2009 | 565,000 | 500,000 | — | 259,350 | 33,000 | 70,284 | 1,427,634 | 2011 | 595,000 | 725,000 | 533,100 | 1,186,900 | 36,000 | 71,462 | 3,147,462 | 3,266,668 | |||||||||||||||||||||||||||||||||||||||||||||
Counsel(11) | 3,266,668 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Counsel(10) |
(1) | Represent bonus amounts paid after the end of the fiscal year with respect to that fiscal year’s performance. |
(2) | The amounts relate to awards of performance shares and restricted stock in fiscal 2013, and restricted stock, as |
(3) | The amounts relate to awards made in the fiscal year and reflect the aggregate grant date fair value computed in accordance with FASB ASC Topic 718 and do not correspond to the actual amount that will be realized upon exercise by the named executive officers. See Note 14 to the Company’s fiscal year |
(4) | For fiscal 2011 and fiscal 2012, and for |
(5) | Includes the following amounts for |
Name | Perquisites(a) | Savings Plan(b) | Life Insurance(c) | Charitable Match(d) | Total(e) | Perquisites(a) | Savings Plan(b) | Life Insurance(c) | Charitable Match(d) | Total(e) | ||||||||||||||||||||||||||||||
D. N. Farr | $361,614 | $84,961 | $12,725 | $10,000 | $469,300 | $ | 357,816 | $ | 79,948 | $ | 14,738 | $ | 10,000 | $ | 462,502 | |||||||||||||||||||||||||
W. J. Galvin | $44,832 | $44,479 | $24,620 | $10,000 | $123,931 | |||||||||||||||||||||||||||||||||||
E. L. Monser | $137,559 | $36,694 | $20,068 | $50 | $194,371 | $ | 153,848 | $ | 38,106 | $ | 23,726 | $ | 200 | $ | 215,880 | |||||||||||||||||||||||||
F. J. Dellaquila | $44,427 | $27,198 | $12,062 | $10,000 | $93,687 | $ | 38,510 | $ | 34,349 | $ | 14,379 | $ | 10,000 | $ | 97,238 | |||||||||||||||||||||||||
C. A. Peters | $78,394 | $33,234 | $12,634 | $5,000 | $129,262 | $ | 85,789 | $ | 35,234 | $ | 14,647 | $ | 5,000 | $ | 140,670 | |||||||||||||||||||||||||
C. W. Ashmore | $53,962 | $28,813 | $6,668 | $10,000 | $99,443 | $ | 57,813 | $ | 31,849 | $ | 7,968 | $ | 10,000 | $ | 107,630 | |||||||||||||||||||||||||
F. L. Steeves | $19,695 | $30,860 | $10,907 | $10,000 | $71,462 | $ | 23,888 | $ | 33,354 | $ | 13,123 | $ | — | $ | 70,365 | |||||||||||||||||||||||||
(a) | The perquisites provided are: tax and financial planning, leased Company car, club |
(b) | Contributions by the Company for the named executive officers to the Company’s savings plans. |
(c) | Premiums paid by the Company on behalf of the named executive officers for term life insurance. |
(d) | Matching contributions under the Company’s charitable matching gifts program which matches charitable gifts of up to $10,000 for all employees of the Company. |
(e) | None of these amounts was grossed up for taxes. |
(6) | This number is the arithmetic average of total compensation for the three years displayed in the |
(7) | Messrs. Farr |
(8) | Mr. Dellaquila |
(9) | |
Mr. Ashmore |
Mr. Steeves became Executive Vice President in October 2011. |
Name | Grant Date | Estimated Future Payouts Under Equity Incentive Plan Awards | All Other Stock Awards: Number of Shares of Stock or Units (#)(2) | All Other Option Awards: Number of Securities Underlying Options (#) | Exercise or Base Price of Option Awards ($/Sh) | Grant Date Fair Value of Stock and Option Awards ($)(3) | ||||
Threshold (#) | Target (#)(1) | Maximum (#)(1) | ||||||||
D. N. Farr | 10/1/2012 | N/A | 475,000 | 546,250 | 21,556,450 | |||||
E. L. Monser | 10/1/2012 | N/A | 170,000 | 195,500 | 7,714,940 | |||||
F. J. Dellaquila | 10/1/2012 | N/A | 130,000 | 149,500 | 5,899,660 | |||||
C. A. Peters | 10/1/2012 | N/A | 130,000 | 149,500 | 5,899,660 | |||||
10/1/2012 | 15,000 | 722,625 | ||||||||
C. W. Ashmore (4) | 10/1/2012 | N/A | 130,000 | 149,500 | 5,899,660 | |||||
10/1/2012 | 10,000 | 481,750 | ||||||||
F. L. Steeves | 10/1/2012 | N/A | 115,000 | 132,250 | 5,218,930 |
Estimated Future Payouts Under Equity | All Other | |||||||||||||||||||||||||||||||||||||||
Incentive Plan Awards | Option | Grant | ||||||||||||||||||||||||||||||||||||||
All Other | Awards: | Exercise | Date Fair | |||||||||||||||||||||||||||||||||||||
Stock Awards: | Number of | or Base | Value of | |||||||||||||||||||||||||||||||||||||
Number of | Securities | Price of | Stock and | |||||||||||||||||||||||||||||||||||||
Shares of | Underlying | Option | Option | |||||||||||||||||||||||||||||||||||||
Grant | Stock or | Options | Awards | Awards | ||||||||||||||||||||||||||||||||||||
Name | Date | Threshold (#) | Target (#) | Maximum (#) | Units (#)(1) | (#)(2) | ($/Sh)(3) | ($)(4) | ||||||||||||||||||||||||||||||||
D. N. Farr | 10/4/2010 | N/A | N/A | N/A | 80,000 | 4,264,800 | ||||||||||||||||||||||||||||||||||
10/4/2010 | N/A | N/A | N/A | 250,000 | 53.31 | 2,697,500 | ||||||||||||||||||||||||||||||||||
W. J. Galvin | 10/4/2010 | N/A | N/A | N/A | 125,000 | 53.31 | 1,348,750 | |||||||||||||||||||||||||||||||||
E. L. Monser | 10/4/2010 | N/A | N/A | N/A | 130,000 | 53.31 | 1,402,700 | |||||||||||||||||||||||||||||||||
F. J. Dellaquila | 10/4/2010 | N/A | N/A | N/A | 95,000 | 53.31 | 1,025,050 | |||||||||||||||||||||||||||||||||
C. A. Peters | 10/4/2010 | N/A | N/A | N/A | 120,000 | 53.31 | 1,294,800 | |||||||||||||||||||||||||||||||||
C. W. Ashmore | 10/4/2010 | N/A | N/A | N/A | 15,000 | 799,650 | ||||||||||||||||||||||||||||||||||
10/4/2010 | N/A | N/A | N/A | 100,000 | 53.31 | 1,079,000 | ||||||||||||||||||||||||||||||||||
F. L. Steeves | 10/4/2010 | N/A | N/A | N/A | 10,000 | 533,100 | ||||||||||||||||||||||||||||||||||
10/4/2010 | N/A | N/A | N/A | 110,000 | 53.31 | 1,186,900 | ||||||||||||||||||||||||||||||||||
(1) | Includes performance share awards granted in fiscal 2013 under the 2013 performance shares program (under our 2006 Incentive Shares Plan), which are subject to the achievement of the financial target for the performance period ending September 30, 2016. The target and maximum number of shares that can be earned under these awards are shown in these columns. Payout of the awarded performance share units are weighted 60% to the EPS target and 40% to the free cash flow target. Participants can earn up to 125% of the EPS component and 100% of the free cash flow component. Accordingly, on a weighted basis, participants can earn up to a maximum of 115% of the awarded performance share units, regardless of the extent to which actual Company performance exceeds the targets. Payout for a performance period is made as soon as practicable after the achievement of the performance target, provided that the Committee may establish additional vesting conditions for retention purposes. Earned performance shares are paid in stock, with a portion paid in cash to cover tax obligations of participants. Under the 2013 performance shares program, 60% of any earned performance share units will be paid at the end of the four-year performance period, and the remaining 40% will be paid one year later subject to continued service. See “Performance Shares Program” at page 24 above for additional information regarding the program and additional detail on performance shares. |
(2) | Includes restricted stock granted in fiscal |
(3) | |
Includes the grant date fair value of awards of performance shares and/or restricted stock |
(4) | Mr. Ashmore resigned from the Company on November 11, 2013. Under his letter agreement and subject to compliance with the non-competition and non-solicitation provisions thereof, Mr. Ashmore will continue to vest in his restricted stock awards and he will be eligible to receive a 25% pro rata earned payout of the performance shares awarded to him under the Company's 2013 performance shares program, subject to the terms of the program and the Company’s achievement of the performance objectives under the program, which will be paid at the times provided for under the 2013 program. Please see "Description of C. W. Ashmore Letter Agreement” at page 42 below for a description of Mr. Ashmore’s letter agreement. |
Option Awards | Stock Awards | |||||||||||||||||||||||||||||||||||||||||||||||
Equity | ||||||||||||||||||||||||||||||||||||||||||||||||
Incentive | ||||||||||||||||||||||||||||||||||||||||||||||||
Plan | ||||||||||||||||||||||||||||||||||||||||||||||||
Awards: | ||||||||||||||||||||||||||||||||||||||||||||||||
Number of | ||||||||||||||||||||||||||||||||||||||||||||||||
Unearned | Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Shares, | Incentive Plan | |||||||||||||||||||||||||||||||||||||||||||||||
Number of | Units or | Awards: Market | ||||||||||||||||||||||||||||||||||||||||||||||
Number of | Number of | Shares or | Market Value | Other | or Payout Value | |||||||||||||||||||||||||||||||||||||||||||
Securities | Securities | Units of | of Shares or | Rights | of Unearned | |||||||||||||||||||||||||||||||||||||||||||
Underlying | Underlying | Stock That | Units of | That Have | Shares, Units or | |||||||||||||||||||||||||||||||||||||||||||
Unexercised | Unexercised | Option | Option | Have Not | Stock That | Not | Other Rights | |||||||||||||||||||||||||||||||||||||||||
Date of | Options (#) | Options (#) | Exercise | Expiration | Date of | Vested | Have Not | Vested | That Have Not | |||||||||||||||||||||||||||||||||||||||
Name | Award | Exercisable(1) | Unexercisable(1) | Price ($) | Date | Award | (#) | Vested ($)(7) | (#)(8) | Vested ($)(7) | ||||||||||||||||||||||||||||||||||||||
D. N. Farr | 1/16/02 | 174,288 | 26.4150 | 1/16/2012 | (6) | 470,000(6) | 19,415,700 | |||||||||||||||||||||||||||||||||||||||||
10/5/04 | 250,000 | 31.6275 | 10/5/2014 | |||||||||||||||||||||||||||||||||||||||||||||
10/1/07 | 200,000 | 53.8350 | 10/1/2017 | 10/5/09 | 450,000 | 18,589,500 | ||||||||||||||||||||||||||||||||||||||||||
10/4/10 | 250,000 | (5) | 53.3100 | 10/4/2020 | ||||||||||||||||||||||||||||||||||||||||||||
W. J. Galvin | 1/16/02 | 21,660 | (2) | 26.4150 | 1/16/2012 | (6) | 240,000(6) | 9,914,400 | ||||||||||||||||||||||||||||||||||||||||
10/5/04 | 170,000 | (3) | 31.6275 | 10/5/2014 | ||||||||||||||||||||||||||||||||||||||||||||
10/1/07 | 130,000 | 53.8350 | 10/1/2017 | |||||||||||||||||||||||||||||||||||||||||||||
2/19/09 | 66,666 | (4) | 33,334 | (4) | 30.0250 | 2/19/2019 | ||||||||||||||||||||||||||||||||||||||||||
10/4/10 | 125,000 | (5) | 53.3100 | 10/4/2020 | ||||||||||||||||||||||||||||||||||||||||||||
E. L. Monser | 1/16/02 | 40,000 | 26.4150 | 1/16/2012 | (6) | 60,000(6) | 2,478,600 | |||||||||||||||||||||||||||||||||||||||||
10/5/04 | 100,000 | 31.6275 | 10/5/2014 | |||||||||||||||||||||||||||||||||||||||||||||
10/1/07 | 100,000 | 53.8350 | 10/1/2017 | |||||||||||||||||||||||||||||||||||||||||||||
2/19/09 | 53,333 | (4) | 26,667 | (4) | 30.0250 | 2/19/2019 | 10/5/09 | 175,000 | 7,229,250 | |||||||||||||||||||||||||||||||||||||||
10/4/10 | 130,000 | (5) | 53.3100 | 10/4/2020 | ||||||||||||||||||||||||||||||||||||||||||||
F. J. Dellaquila | 1/16/02 | 3,334 | 26.4150 | 1/16/2012 | (6) | 30,000(6) | 1,239,300 | |||||||||||||||||||||||||||||||||||||||||
10/5/04 | 10,000 | 31.6275 | 10/5/2014 | |||||||||||||||||||||||||||||||||||||||||||||
10/1/07 | 15,000 | 53.8350 | 10/1/2017 | 10/5/09 | 80,000 | 3,304,800 | ||||||||||||||||||||||||||||||||||||||||||
2/19/09 | 10,000 | (4) | 5,000 | (4) | 30.0250 | 2/19/2019 | 2/1/10 | 20,000 | 826,200 | |||||||||||||||||||||||||||||||||||||||
10/4/10 | 95,000 | (5) | 53.3100 | 10/4/2020 | ||||||||||||||||||||||||||||||||||||||||||||
C. A. Peters | 10/1/07 | 100,000 | 53.8350 | 10/1/2017 | (6) | 60,000(6) | 2,478,600 | |||||||||||||||||||||||||||||||||||||||||
2/19/09 | 53,333 | (4) | 26,667 | (4) | 30.0250 | 2/19/2019 | ||||||||||||||||||||||||||||||||||||||||||
10/4/10 | 120,000 | (5) | 53.3100 | 10/4/2020 | 10/5/09 | 135,000 | 5,576,850 | |||||||||||||||||||||||||||||||||||||||||
C. W. Ashmore | 1/16/02 | 10,000 | 26.4150 | 1/16/2012 | (6) | 50,000(6) | 2,065,500 | |||||||||||||||||||||||||||||||||||||||||
10/5/04 | 20,000 | 31.6275 | 10/5/2014 | |||||||||||||||||||||||||||||||||||||||||||||
10/1/07 | 40,000 | 53.8350 | 10/1/2017 | 10/5/09 | 100,000 | 4,131,000 | ||||||||||||||||||||||||||||||||||||||||||
2/19/09 | 46,666 | (4) | 23,334 | (4) | 30.0250 | 2/19/2019 | ||||||||||||||||||||||||||||||||||||||||||
10/4/10 | 100,000 | (5) | 53.3100 | 10/4/2020 | ||||||||||||||||||||||||||||||||||||||||||||
F. L. Steeves | 4/3/07 | 100,000 | 42.9100 | 4/3/2017 | (6) | 20,000(6) | 826,200 | |||||||||||||||||||||||||||||||||||||||||
2/19/09 | 21,667 | (4) | 21,667 | (4) | 30.0250 | 2/19/2019 | ||||||||||||||||||||||||||||||||||||||||||
10/4/10 | 110,000 | (5) | 53.3100 | 10/4/2020 | 10/5/09 | 110,000 | 4,544,100 | |||||||||||||||||||||||||||||||||||||||||
Option Awards | Stock Awards | ||||||||||||||
Name | Date of Award | Number of Securities Underlying Unexercised Options (#) Exercisable(1) | Number of Securities Underlying Unexercised Options (#) Unexercisable(1) | Option Exercise Price ($) | Option Expiration Date | Date of Award | Number of Shares or Units of Stock That Have Not Vested (#) | Market Value of Shares or Units of Stock That Have Not Vested ($)(4) | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#)(6) | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($)(4) | |||||
D. N. Farr | 10/5/04 | 171,287 | 31.6275 | 10/5/2014 | (3) | 340,000(3) | 21,998,000 | ||||||||
10/1/07 | 200,000 | 53.8350 | 10/1/2017 | 10/5/09 | 167,400(5) | 10,830,780 | |||||||||
10/4/10 | 166,666(2) | 83,334(2) | 53.3100 | 10/4/2020 | 10/1/13 | 475,000 | 30,732,500 | ||||||||
E. L. Monser | 10/5/04 | 100,000 | 31.6275 | 10/5/2014 | (3) | 45,000(3) | 2,911,500 | ||||||||
10/1/07 | 100,000 | 53.8350 | 10/1/2017 | 10/5/09 | 65,100(5) | 4,211,970 | |||||||||
2/19/09 | 80,000 | 30.0250 | 2/19/2019 | ||||||||||||
10/4/10 | 86,666(2) | 43,334(2) | 53.3100 | 10/4/2020 | 10/1/13 | 170,000 | 10,999,000 | ||||||||
F. J. Dellaquila | 10/1/07 | 15,000 | 53.8350 | 10/1/2017 | (3) | 45,000(3) | 2,911,500 | ||||||||
2/19/09 | 15,000 | 30.0250 | 2/19/2019 | 10/5/09 | 29,760(5) | 1,925,472 | |||||||||
10/4/10 | 63,333(2) | 31,667(2) | 53.3100 | 10/4/2020 | 2/1/10 | 7,440(5) | 481,368 | ||||||||
10/1/13 | 130,000 | 8,411,000 | |||||||||||||
C. A. Peters | 10/1/07 | 100,000 | 53.8350 | 10/1/2017 | (3) | 80,000(3) | 5,176,000 | ||||||||
10/4/10 | 80,000(2) | 40,000(2) | 53.3100 | 10/4/2020 | 10/5/09 | 50,220(5) | 3,249,234 | ||||||||
10/1/13 | 130,000 | 8,411,000 | |||||||||||||
C. W. Ashmore | 10/1/07 | 40,000 | 53.8350 | 10/1/2017 | (3) | 55,000(3) | 3,558,500 | ||||||||
(7) | 2/19/09 | 70,000 | 30.0250 | 2/19/2019 | 10/5/09 | 37,200(5) | 2,406,840 | ||||||||
10/4/10 | 66,666(2) | 33,334(2) | 53.3100 | 10/4/2020 | 10/1/13 | 130,000 | 8,411,000 | ||||||||
F. L. Steeves | 4/3/07 | 90,000 | 42.9100 | 4/3/2017 | (3) | 25,000(3) | 1,617,500 | ||||||||
10/4/10 | 73,333(2) | 36,667(2) | 53.3100 | 10/4/2020 | 10/5/09 | 40,920(5) | 2,647,524 | ||||||||
10/1/13 | 115,000 | 7,440,500 | |||||||||||||
(1) | Consists of stock options granted under the Company’s stock option plans. |
(2) | |
The options became exercisable in three equal annual installments beginning on October 4, 2011. |
(3) | Consists of restricted stock for each of the named executive officers which vests as follows: |
Number of | Vesting Term | |||||||||||||||||||
Name | Shares | (in years) | Grant Date | Vesting Date | Number of Shares | Vesting Term (in years) | Grant Date | Vesting Date | ||||||||||||
D. N. Farr | 110,000 | 6 | 10/4/2005 | 10/4/2011 | 80,000 | 5 | 10/5/2009 | 10/5/2014 | ||||||||||||
100,000 | 10 | 10/1/2002 | 10/1/2012 | 80,000 | 5 | 10/4/2010 | 10/4/2015 | |||||||||||||
80,000 | 5 | 10/5/2009 | 10/5/2014 | 80,000 | 6 | 10/3/2011 | 10/3/2017 | |||||||||||||
80,000 | 5 | 10/4/2010 | 10/4/2015 | 100,000 | 10 | 10/7/2008 | 10/7/2018 | |||||||||||||
100,000 | 10 | 10/7/2008 | 10/7/2018 | |||||||||||||||||
W. J. Galvin | 50,000 | 6 | 10/4/2005 | 10/4/2011 | ||||||||||||||||
30,000 | 4 | 11/5/2007 | 11/5/2011 | |||||||||||||||||
150,000 | 3 | 10/5/2009 | 10/5/2012 | |||||||||||||||||
10,000 | 4 | 10/7/2008 | 10/7/2012 | |||||||||||||||||
E. L. Monser | 20,000 | 10 | 11/4/2002 | 11/4/2012 | 20,000 | 8 | 11/7/2006 | 11/7/2014 | ||||||||||||
20,000 | 8 | 11/7/2006 | 11/7/2014 | |||||||||||||||||
10,000 | 8 | 10/1/2007 | 10/1/2015 | 10,000 | 8 | 10/1/2007 | 10/1/2015 | |||||||||||||
10,000 | 7 | 10/7/2008 | 10/7/2015 | 10,000 | 7 | 10/7/2008 | 10/7/2015 | |||||||||||||
5,000 | 5 | 10/3/2011 | 10/3/2016 | |||||||||||||||||
F. J. Dellaquila | 10,000 | 10 | 10/7/2008 | 10/7/2018 | 15,000 | 5 | 10/3/2011 | 10/3/2016 | ||||||||||||
20,000 | 10 | 10/5/2009 | 10/5/2019 | 10,000 | 10 | 10/7/2008 | 10/7/2018 | |||||||||||||
20,000 | 10 | 10/5/2009 | 10/5/2019 | |||||||||||||||||
C. A. Peters | 40,000 | 10 | 10/4/2005 | 10/4/2015 | 40,000 | 10 | 10/4/2005 | 10/4/2015 | ||||||||||||
20,000 | 10 | 10/7/2008 | 10/7/2018 | 5,000 | 5 | 10/3/2011 | 10/3/2016 | |||||||||||||
20,000 | 10 | 10/7/2008 | 10/7/2018 | |||||||||||||||||
C. W. Ashmore | 10,000 | 10 | 10/1/2001 | 10/1/2011 | ||||||||||||||||
15,000 | 8 | 10/1/2012 | 10/1/2020 | |||||||||||||||||
C. W. Ashmore (7) | 15,000 | 5 | 10/4/2010 | 10/4/2015 | ||||||||||||||||
15,000 | 5 | 10/4/2010 | 10/4/2015 | 5,000 | 5 | 10/3/2011 | 10/3/2016 | |||||||||||||
25,000 | 10 | 5/6/2008 | 05/6/2018 | 25,000 | 10 | 5/6/2008 | 5/6/2018 | |||||||||||||
10,000 | 10 | 10/1/2012 | 10/1/2022 | |||||||||||||||||
F. L. Steeves | 10,000 | 10 | 10/1/2007 | 10/1/2017 | 5,000 | 5 | 10/3/2011 | 10/3/2016 | ||||||||||||
10,000 | 8 | 10/4/2010 | 10/4/2018 | 10,000 | 10 | 10/1/2007 | 10/1/2017 | |||||||||||||
10,000 | 8 | 10/4/2010 | 10/4/2018 |
Based on the closing market price of the Company’s common stock of |
(5) | Consists of performance share awards granted in fiscal 2010 under the 2010 performance shares program (under our 2006 Incentive Shares Plan), which were subject to the achievement of the financial target for the performance period ending September 30, 2013. The percentage earned was 93%. Amounts shown represent the 40% portions of the earned awards which remain subject to forfeiture as participants must remain employed by the Company for an additional year. The other 60% of the earned awards were paid out in stock, with a portion paid in cash to cover tax obligations of participants, and are set forth in the Option Exercises and Stock Vested table. See “Performance Shares Program” at page 24 above for additional information regarding the program and additional detail on performance shares, including how the shares are earned. |
(6) | Consists of performance share awards granted in fiscal 2013 under the 2013 performance shares program (under our 2006 Incentive Shares Plan), which are subject to the achievement of the financial target for the performance period ending September 30, |
(7) | Mr. Ashmore resigned from the Company on November 11, 2013. In accordance with the letter agreement and subject to compliance with the non-competition and non-solicitation provisions thereof, he will remain eligible to receive the earned 40% holdback portion of the performance shares awarded to him under the Company's 2010 performance shares program based on the Company's previously determined level of achievement of the performance objectives under the program, and subject to the terms of the program, which will be paid at the times provided for under the 2010 program. Mr. Ashmore will also be eligible to receive a 25% pro rata earned payout of the performance shares awarded to him under the Company's 2013 performance shares program, subject to the terms of the program and the Company’s achievement of the performance |
Option Awards | Stock Awards | |||||||||||||||||||
Number of Shares | ||||||||||||||||||||
Number of Shares | Value Realized | Acquired | Value Realized | |||||||||||||||||
Acquired on | on Exercise | on Vesting | on Vesting | |||||||||||||||||
Name | Exercise (#) | ($)(1) | (#) | ($)(4) | ||||||||||||||||
D. N. Farr | 75,712 | 2,033,708 | 176,640 | (2) | 7,469,222 | |||||||||||||||
120,000 | (3) | 6,397,200 | ||||||||||||||||||
W. J. Galvin | 91,680 | 2,687,180 | 76,800 | (2) | 3,247,488 | |||||||||||||||
20,000 | (3) | 1,066,200 | ||||||||||||||||||
E. L. Monser | — | — | 61,440 | (2) | 2,597,990 | |||||||||||||||
20,000 | (3) | 1,066,200 | ||||||||||||||||||
F. J. Dellaquila | 6,666 | 179,682 | 20,736 | (2) | 876,822 | |||||||||||||||
C. A. Peters | 100,000 | 2,195,750 | 46,080 | (2) | 1,948,493 | |||||||||||||||
60,000 | (3) | 3,198,600 | ||||||||||||||||||
C. W. Ashmore | — | — | 23,040 | (2) | 974,246 | |||||||||||||||
F. L. Steeves | — | — | 34,560 | (2) | 1,461,370 | |||||||||||||||
Option Awards | Stock Awards | ||||||
Name | Number of Shares Acquired on Exercise (#) | Value Realized on Exercise ($)(1) | Number of Shares Acquired on Vesting (#) | Value Realized on Vesting ($)(4) | |||
D. N. Farr | 55,000 | 1,185,638 | 251,100(2) | 16,748,370 | |||
100,000(3) | 4,817,500 | ||||||
E. L. Monser | — | — | 97,650(2) | 6,513,255 | |||
20,000(3) | 1,001,700 | ||||||
F. J. Dellaquila | 10,000 | 263,775 | 55,800(2) | 3,721,860 | |||
C. A. Peters | 80,000 | 1,795,600 | 75,330(2) | 5,024,511 | |||
C. W. Ashmore | 20,000 | 441,200 | 55,800(2) | 3,721,860 | |||
F. L. Steeves | 53,334 | 1,068,232 | 61,380(2) | 4,094,046 |
(1) | Values for stock options represent the difference between the exercise price of the options and the market price of the Company’s common stock at exercise, based on the average of the high and low market prices on the day of exercise. |
(2) | Numbers reflect the |
(3) | Represents the vesting of |
(4) | Values realized for performance shares earned reflect the market value based on the average of the high and low market prices ($ |
37
Number | Present | Payments | ||||||||||||||
of Years Credited | Value of Accumulated | During Last | ||||||||||||||
Service | Benefit | Fiscal Year | ||||||||||||||
Name | Plan Name | (#)(1) | ($)(2) | ($) | ||||||||||||
D. N. Farr | Emerson Electric Co. Retirement Plan | 31 | 781,000 | — | ||||||||||||
Emerson Electric Co. Pension Restoration Plan | 31 | 12,376,000 | — | |||||||||||||
W. J. Galvin | Emerson Electric Co. Retirement Plan | 39 | 1,426,000 | — | ||||||||||||
Emerson Electric Co. Pension Restoration Plan | 39 | 9,697,000 | — | |||||||||||||
E. L. Monser | Emerson Electric Co. Retirement Plan | 10 | 329,000 | — | ||||||||||||
Emerson Electric Co. Pension Restoration Plan | 10 | 1,637,000 | — | |||||||||||||
F. J. Dellaquila | Emerson Electric Co. Retirement Plan | 21 | 467,000 | — | ||||||||||||
C. A. Peters | Emerson Electric Co. Retirement Plan | 35 | 769,000 | — | ||||||||||||
Emerson Electric Co. Pension Restoration Plan | 35 | 3,675,000 | — | |||||||||||||
C. W. Ashmore | Emerson Electric Co. Retirement Plan | 21 | 346,000 | — | ||||||||||||
F. L. Steeves | Emerson Electric Co. Retirement Plan | 5 | 135,000 | — | ||||||||||||
38
Name | Plan Name | Number of Years Credited Service (#)(1) | Present Value of Accumulated Benefit ($)(2) | Payments During Last Fiscal Year ($) | ||
D. N. Farr | Emerson Electric Co. Retirement Plan Emerson Electric Co. Pension Restoration Plan | 33 33 | $973,000 $15,020,000 | — — | ||
E. L. Monser | Emerson Electric Co. Retirement Plan Emerson Electric Co. Pension Restoration Plan | 12 12 | $460,000 $2,420,000 | — — | ||
F. J. Dellaquila | Emerson Electric Co. Retirement Plan | 23 | $603,000 | — | ||
C. A. Peters | Emerson Electric Co. Retirement Plan Emerson Electric Co. Pension Restoration Plan | 37 37 | $944,000 $4,669,000 | — — | ||
C. W. Ashmore | Emerson Electric Co. Retirement Plan | 23 | $447,000 | — | ||
F. L. Steeves | Emerson Electric Co. Retirement Plan | 7 | $222,000 | — |
(1) | The number of years of service credited under the plans is computed as of the same pension plan measurement date used for financial statement reporting purposes with respect to the Company’s financial statements for the last completed fiscal year. Mr. Monser has |
(2) | The accumulated benefit is based on service and earnings (as described above) considered by the plans for the period through September 30, |
Aggregate | |||||||||||||||||||||||||
Executive | Registrant | Earnings | Aggregate | ||||||||||||||||||||||
Contributions | Contributions in | in Last | Withdrawals/ | Aggregate Balance at Last | |||||||||||||||||||||
in Last FY | Last FY | FY | Distributions | FYE | |||||||||||||||||||||
Name | ($)(1) | ($)(1) | ($)(1) | ($) | ($)(2) | ||||||||||||||||||||
D. N. Farr | 169,923 | 78,836 | (229,658 | ) | — | 4,014,105 | |||||||||||||||||||
W. J. Galvin | 177,917 | 38,354 | (55,470 | ) | — | 3,529,879 | |||||||||||||||||||
E. L. Monser | 113,703 | 29,514 | (53,818 | ) | — | 995,848 | |||||||||||||||||||
F. J. Dellaquila | 104,996 | 21,062 | 14,361 | — | 1,800,593 | ||||||||||||||||||||
C. A. Peters | 66,469 | 27,109 | (86,816 | ) | — | 1,288,146 | |||||||||||||||||||
C. W. Ashmore | 112,188 | 21,898 | (34,629 | ) | — | 596,440 | |||||||||||||||||||
F. L. Steeves | 82,792 | 24,734 | (20,490 | ) | — | 711,724 | |||||||||||||||||||
39
Name | Executive Contributions in Last FY ($)(1) | Registrant Contributions in Last FY ($)(1) | Aggregate Earnings in Last FY ($)(2) | Aggregate Withdrawals/ Distributions ($) | Aggregate Balance at Last FYE ($)(3) | |||||
D. N. Farr | 159,896 | 72,448 | 1,055,665 | — | 6,509,160 | |||||
E. L. Monser | 121,940 | 30,606 | 337,963 | — | 1,843,261 | |||||
F. J. Dellaquila | 141,469 | 26,849 | 191,306 | — | 2,458,829 | |||||
C. A. Peters | 70,469 | 27,734 | 450,134 | — | 2,304,070 | |||||
C. W. Ashmore | 131,469 | 24,349 | 251,200 | — | 1,347,482 | |||||
F. L. Steeves | 155,906 | 25,854 | 169,443 | — | 1,366,605 |
(1) | Includes amounts contributed by each named executive officer and by the Company, respectively, to the Savings Investment Restoration Plan. Executive and Company contributions in the last fiscal year have been included in the Salary and All Other Compensation columns, respectively, of the Summary Compensation Table. |
(2) | Aggregate earnings under the plan are not above-market and are not included in the Summary Compensation Table. |
Includes amounts reported as compensation for the named executive officers in the Summary Compensation Table for previous years. For fiscal |
40
The Compensation Committee has the discretion to determine whether any annual cash bonus award, or any part of it, would be paid, subject to satisfaction of pre-established performance conditions; | ||
The Compensation Committee has the discretion to determine whether any annual cash bonus award, or any part of it, would be paid, subject to satisfaction of pre-established performance conditions; | ||
41
Payment of the vested portion of the named executive officer’s Savings Investment Restoration Plan account, which payment would be made after termination, in a single lump sum. |
If termination occurs with Company consent, the Compensation Committee may permit the named executive officer to have up to three months after termination, but no longer than the original option term, to exercise any previously vested stock options; The Compensation Committee has the discretion to determine whether the named executive officer would receive full, partial or no payout of performance shares, subject to satisfaction of pre-established performance conditions; The Compensation Committee has the discretion to determine whether to allow the named executive officer to continue to vest in restricted stock following termination, or to reduce the vesting period (to not less than three years); and 40 Subject to the discretion of the Compensation Committee, a named executive officer participating in the Pension Restoration Plan would be eligible to receive his or her vested benefits starting after | ||
Annual cash bonus awards are not paid upon a Change of Control; | ||
42
43